News & Events
COMMISSIONER GONZALES ANNOUNCES MAXIMUM EFFECTIVE RATE of INTEREST
The Federal National Mortgage Association has discontinued its free market auction system for commitments to purchase conventional home mortgages. Therefore, the Commissioner of Financial Institutions hereby announces that the maximum effective rate of interest per annum for home loans as set by the General Assembly in 1987, Public Chapter 291, for the month of October, 2024 is 8.15 percent per annum. The rate as set by the said law is an amount equal to four percentage points above the index of market yields of long-term government bonds adjusted to a thirty (30) year maturity by the U. S. Department of the Treasury. For the most recent weekly average statistical data available preceding the date of this announcement, the calculated rate is 4.15 percent.
Read full story- COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE SEPTEMBER 4, 2024
- COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE AUGUST 27, 2024
- COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE AUGUST 20, 2024
- COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE AUGUST 13, 2024
- COMMISSIONER GONZALES ANNOUNCES MAXIMUM EFFECTIVE RATE of INTEREST
- COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE AUGUST 6, 2024
COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE JULY 30, 2024
NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 12.50 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 8.50 percent as published by the Federal Reserve on July 29, 2024.
Read full story